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Prepared by :SILVEE KAMBOJ PALASH JANA SUMITA MONDAL (10DF 006) (10DFO14) (10DF O23)
Flow of presentation
Introduction
HONG KONG DERIVATIVE EXCHANGE JOHANNESBURG STOCK EXCHANGE AUSTRALIAN SECURITIES EXCHANGE EUREX COMPRATIVE ANALYSIS CONCLUSION
INTRODUCTION
Derivative exchanges clearly defines the rules and regulations to control the trade. Responsible for monitoring trade and market participant Exchanges ensure smooth trading and also dictate sanctions in the event that a rule is violated A growing number of exchanges provide the opportunity of settling transactions through a central counterparty. Within the broad spectrum of derivatives, futures exchanges offer standardized products such as options and futures
HSI was started on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexs Company Limited Hong Kong Exchanges and Clearing (HKEx) was created in 2000 as the holding company for the Stock Exchange of Hong Kong, provide an electronic platform for the trading, settlement and clearing of securities and derivatives. Hong Kong Exchanges & Clearing ranked as the world's 20th-largest derivatives exchange by volume in 2010 with over 116.05 million contracts
Contd.
The Hong Kong Futures Exchange was established in December 1976 as the Hong Kong Commodities Exchange. Options were added in 1993, with automated trading launched in November 1995. The trading floor was closed in 1999. In 2010, the exchange reported a record volume year for its derivatives contracts, with 116 million contracts traded, up 17.8 percent from the prior year It's 2010 volumes were driven largely by trading in the Hang Seng Index options, which posted 8.5 million contracts, up 56.6 percent from a year earlier . H-Shares index options totaled 2.9 million contracts in 2010, up 48.4 percent, while total stock options rose 28.8 percent to 61.1 million contracts.[3]
Products
A)
a) b) c)
B) a) b) c)
Hang Seng Index Futures & Options. H-shares Index Futures & Options Mini-Hang Seng Index Futures & Options
INTEREST RATE & FIXED INCOME PRODUCTS HIBOR Futures Three-year Exchange Fund Note (EFN) Futures GOLD FUTURES
Contract
Trading Session
Trading Hours*
Hang Se ng I ndex Fu tures Mini-H ang Sen g In dex Futu re s H-sha re s Inde x Futures Mini H-sh ares I ndex Futu re s H-sha re s Inde x Op tio ns (Inclu din g Flexible In dex Options) Hang Se ng I ndex Op tion s (Inclu din g Flexible In dex Options) Mini-H ang Sen g In dex Options
9 :15 a .m. - 12:0 0 no on 9 :15 a.m. - 12: 00 no on 8:45 a.m. - 9:1 5 a.m. 1 :30 p .m. - 4:15 p.m. 1 :0 0 p.m. - 4:15 p.m. (Effec tive 5 Ma rch 2 012) 1 :30 p.m. - 4:00 p.m. 1 :0 0 p.m. - 4:00 p.m. (Effe ctive 5 March 2 012) 1:00 p.m. - 1:3 0 p.m. 12:30 p.m. - 1 :0 0 p.m. (Effective 5 Marc h 2012 )
9 :15 a .m. - 12:0 0 no on 9 :15 a.m. - 12: 00 no on Not applicab le 1:3 0 p.m. - 4: 15 p .m. 1:00 p.m. - 4 :1 5 p.m. (Effective 5 Marc h 2012) 1:3 0 p.m. - 4: 00 p .m. 1:00 p.m. - 4 :0 0 p.m. (Effective 5 Marc h 2012 ) Not applicab le
St ock Fu tures
9: 30 a .m. - 12:0 0 no on 9 :30 a.m. - 12: 00 no on 1:3 0 p.m. - 4: 00 p .m. 1:00 p.m. - 4 :0 0 p.m. (Effective 5 Marc h 2012) 1:3 0 p.m. - 4: 00 p .m. 1:00 p.m. - 4 :0 0 p.m. (Effective 5 Marc h 2012 ) 8:30 a.m. - 11 :00 a.m. No t ap plicable 8:3 0 a.m . - 5: 00 p .m.
HIBOR Futu re s Three-Year Excha nge Fund Note Futures Gold Futu re s
1963 JSE becomes a member of the World Federation of Exchanges 2001 The JSE acquires SAFEX, the South African Futures Exchange, and becomes the leader in both equities and equity and agricultural derivatives trading in the South African market. 2002 All listed securities are successfully dematerialised and migrated to the STRATE electronic settlement environment, with rolling, contractual and guaranteed settlement for equities taking place five days after trade (T+5) 2004 The JSE launches the Socially Responsible Investment (SRI) Index, which measures compliance by companies with triple bottom line criteria around economic, environmental and social sustainability
Contd
The JSE Ltd (JSE) is licensed as an exchange under the Securities Services Act, 2004 and Africas premier exchange The JSE demutualises and incorporates in South Africa as JSE Limited, a public unlisted company on 1 July 2005. SAFEX Commodity Derivatives Market provides a platform for price discovery and efficient price risk management for the grains market in South and Southern Africa The physically settled commodities rely on warehouse receipts to facilitate the delivery process. The warehouse receipts are utilized by financial institutions who offer financing to clients who own the receipt
Commodity
a) b) c)
derivative products
Gold Futures & Options Copper futures Platinum Futures & Options
a) b) c) d)
PERIOD Agricultural Derivatives * Market pre-opening Market opening Market closing 08h50 to 08h59 09h00 12h00 12h00 to 12h45 (physical delivery month contracts) 12h00 to 14h30 (all other expiry month contracts) 12h45
Administration
17h00 to 17h15
17h20
Periods
Market in download only period
Start time
05h00
End time
08h00 09h00 17h00 17h30 03h00
09h00
Administration period
17h00
17h30
ASX was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange It functions as a market operator, clearing house and payments system facilitator ASX operates two trading, clearing and settlement platforms, one for equity and related equity derivative products and one for a suite of interest rate, equity index and commodity futures (and options on futures) products equity and related equity derivative products traded on an integrated trading platform between the hours of 10:00am and 4:00pm
Contd
Interest
rate, equity index and commodity futures (and options on futures) products are traded on a globally distributed 24 hour platform has a pre-market session from 07:00am to 10:00am AEST and a normal trading session from 10:00am to 04:00pm AEST.
ASX
A single-price auction is done between 4:10pm and 4:12pm to set the daily closing prices
PRODUCTS
Equity Options Index options Index Futures Interest Rate Futures & Options Grain Futures & Options Futures & Options
Energy And Environment Products Agricultural Products
EUREX
Eurex is one of the world's leading derivatives exchanges and is jointly operated by Deutsche Borse AG and SIX Swiss Exchange. market participants connected from 700 locations worldwide, trading volume at Eurex exceeds 15 billion contracts a year provides an automated and integrated joint Clearing House- Eurex Clearing AG
Mission
Driven by the spirit of performance, our mission is to be the power of innovation. We shape liquidity pools globally by setting benchmarks in market efficiency and integrity.
Vision
Eurex - passionately shaping the derivatives industry. We organize markets globally
PRODUCTS
Equity derivatives Credit derivatives Interest-rate derivatives Eurex Bonds and Eurex Repo
Eurex operates in three trading phases: pre-trading, trading and post-trading. The trading day at Eurex typically runs from 07:30 to 22:00 CET. It consists of three phases.
CLEARING PROCESS
ACCOUNTS
There
are four general types of accounts: accounts (principal, agent, Market (principal, agent, Market
Position
Maker)
Premium accounts
Maker)
Fee
Cash/securities
Jsx
1) 2) 3) 4) JSE bond futures j-Options Jibar Futures Index futures
eurex
1) 2) 3) 4)
India
10YGS 7( UD GOVT. SECURITIES ,TENNUT 91DTB
Index options
AXS approved indices (S&P/ AXS 200 index) South Africa volatility index JSE TOP 40 INDEX FUTURES EURO STOCK 50 INDEX SENSEX FUTURES (INDIAN BLUE CHIP INDEX OF BSE ) 5 INDICES
1000 shares
A$1
SAVI 40 EQUITY INDEX FUTURES EURO STOXX 50 INDEX FUTURES FSEN SENSEX FUTURE
INDEX FUTURES
3 MONTHS
Rs
3 months
Lot size 20
Rs
THREE MONTH
HK$5,000,000
HK$
THREE YEAR
HK$1,000,000
HK$
Debt instrument issued 4.5 to 5.5 years by the Federal Republic of Germany (coupon rate 6%) Short-term debt instrument issued by the Federal Republic of Germany notional long-term debt instrument notional long-term debt instrument issued by the Federal Republic of Germany 1.75 to 2.25 years
EUR 100,000
EUR
Euro-Schatz Futures
EUR 100,000
EUR
EUR EUR
GOLD
1 MONTHS
WHITE MAIZE
3 MONTH
WAW1U
WESTERN AUSTRALIAN WHEAT AUSTRALIAN SORGHUM GOLD NOT LESS THEN 995 FINENESS GOLD
1 YEAR
ASM1U
1 YEAR
20 TONNES
A$1
2 MONTHS
U$ DOLLARS
2 ,3,5 MONTHS
100 GRAM
Rs
WHEAT
6 MONTHS
10 MT
Rs
HKEX T+2